Betting on football games can be a common pastime for many people, but it’s important to be aware that it could potentially impact your ability to secure a mortgage. While lenders have always been cautious when approving mortgages, recent trends show that even occasional gambling transactions can raise red flags.
When applying for a mortgage, lenders consider various factors such as income, age, credit utilization, and payment history. Some brokers have noticed that gambling transactions, even small ones like weekend football bets, are being scrutinized more closely. Different lenders may have varying levels of tolerance for gambling activities, and some may decline applications based on these transactions.
Joe Childes, a mortgage adviser, shared a case where clients were declined for a mortgage despite having no other credit issues and a stable financial situation. The clients only had occasional football bets on their bank statements, which led to the application being rejected. It appears that habitual spending on gambling, even if it’s within the client’s means, can be a cause for concern among lenders.
Financial institutions like Santander, Barclays, and Nationwide have different approaches to handling gambling-related issues in mortgage applications. While some conduct affordability assessments based on overall financial health, others may review bank statements more closely to gauge spending habits.
If you’re concerned about how your gambling habits might impact your mortgage application, there are steps you can take. Matt Zarb-Cousin, co-founder of gambling blocking software, advises individuals to watch out for signs of problem gambling such as chasing losses and losing interest in other activities. Seeking support from resources like talkbanstop.com or utilizing bank tools to block gambling transactions can help prevent financial harm and improve your chances of mortgage approval.
Ultimately, lenders are primarily concerned about ensuring that applicants are not taking on excessive debt to fund their gambling activities. By being mindful of your spending habits, especially when it comes to gambling, you can present a more favorable financial profile when applying for a mortgage. Remember that lenders typically review bank statements from the past few months, so taking proactive steps to address any gambling issues ahead of time can increase your chances of mortgage approval.